TORONTO -- Several of Canada's big banks are cutting their posted mortgage rates, effective Friday. The Royal Bank said Thursday it is reducing key mortgage rates by a 10th of a percentage point across the board, while TD Canada Trust cut its rates by the same margin except for its 10-year closed rate, which it cut by a quarter of a percentage point. The Bank of Montreal cut the rates on its fixed rate mortgages that are four years and longer by a 10th of a percentage point, while three-year mortgages were cut by 0.15 of a percentage point.
